Underwater mortgages tick upward

The percentage of underwater home mortgages in Arizona has inched upward compared to a year ago.

CoreLogic tracks the number of distressed mortgages across the country. The company says in the fourth quarter of last year, 48 percent of home mortgages in Arizona were upside down. That means the homeowner owes the bank more than the home is worth.

In the metro-Phoenix area, the rate is higher. Nearly 53 percent of mortgages are underwater.

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